2001 In Review: It was a turbulent year with terrorism, layoffs and energy tears bringing a trial by tire to L.A.'s political newcomers.January Glimpse of the Future: Online toy seller eToys, showing the weakness that would eventually lead to its Chapter 11 bankruptcy filing and subsequent closure, announced it was shuttering the UK version of its site. Blue Light Special: Ron Burkle, through his Yucaipa Cos. holdings, upped his stake in Kmart to 3.5 percent. Burkle associate Kenneth J. Abdallah reported a 2.5 percent stake. Urge to Merge, Purge: On a 3-2 vote, the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. gave the go ahead to the merger of AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. and Time Warner Inc. More than 5,000 jobs would be lost over the course of the year as the company trimmed its Internet and retail operations. February Last Course: Chef, entrepreneur and burgeoning media conglomerate Wolfgang Puck Wolfgang Johann Puck (born Wolfgang Johann Topfschnig on July 8, 1949) is an Austrian-American celebrity chef, restaurateur, and businessman based in Los Angeles. announced his landmark Spago Hollywood, opened in 1982, would close in March. Buying Library: MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. said it was taking a 20 percent stake in Cablevision for $825 million in cash. The New York-based cable operation runs American Movie Classics, Bravo, independent Film Channel and Women's Entertainment networks. Going, Going...: EToys cut the remaining 293 members of its staff and was delisted by Nasdaq. Dumping Disney: Though the action had been taken in 2000, SEC filings in early 2001 brought to light that Warren Buffett's Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. had sold off more than 80 percent of its stake in Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. Kryptonite: Stan Lee Media Stan Lee Media (SLM) was an Internet-based creation, production and marketing company that created branded super hero franchises for applications in all media. Its 165 man animation production studio was based in Los Angeles, California from 1998- 2001. , birthplace of Superman and other comic book comic book Bound collection of comic strips, usually in chronological sequence, typically telling a single story or a series of different stories. The first true comic books were marketed in 1933 as giveaway advertising premiums. heroes, filed for Chapter 11 bankruptcy protection amid an SEC investigation over misuse of corporate funds. March ... Gone: EToys files for Chapter 11 bankruptcy protection. Blackout: The California Power Exchange filed for Chapter 11, citing lawsuits filed against the energy marketplace as a result of money owed to power generators. CalPX was set to liquidate forward power contracts totaling $1 billion to pay generators when Gov. Gray Davis seized them. Rolling Blackout Rolling blackout refers to an intentionally-engineered electrical power outage, caused by insufficient available resources to meet prevailing demand for electricity. For information about accidental blackouts that are not intentionally engineered, see power outage. : Though they hit the northern part of the state in January, blackouts rolled into Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County in March. While some businesses in Edison or PG&E territory saw disruptions, they had neither the duration nor impact most had feared. Another round hit in May, but a cool summer helped keep the lights on. April Upping the Ante: Developer Robert Maguire, who already had a small stake in the development of Playa playa or pan or flat or dry lake Flat-bottomed depression that is periodically covered by water. Playas occur in interior desert basins and adjacent to coasts in arid and semiarid regions. Vista, agreed to plunk down Verb 1. plunk down - set (something or oneself) down with or as if with a noise; "He planked the money on the table"; "He planked himself into the sofa" plonk, flump, plank, plump, plump down, plunk, plop $90 million for a larger share of the development pie. He had already formed a partnership with Sam Zell's Equity Office Properties to partner in a 426,000-square-foot office building there. We'll Always Have Paris "We'll Always Have Paris" is a first season episode of , first broadcast May 2, 1988. It is episode #24, production #124, teleplay written by Deborah Dean Davis and Hannah Louise Shearer, and directed by Robert Becker. : The Japan-based parent companies of Sanwa and Tokai banks announced their merger, creating American subsidiary United California Bank with assets of $12 billion. In December, UCB UCB - University of California at Berkeley was sold to French banking concern BNP Paribas for $2.4 billion in cash. Can't Stand the Heat: Squeezed by rising energy costs and locked into retail rates set by the PUC (Public Utility Commission) A regulatory body in every state in the U.S. that governs public utilities within its jurisdiction such as electricity, gas, oil, sewer, water, transportation and telephone service. Some states call it the Public Service Commission (PSC). -- and exacerbated by the prospect of a long hot sum mer -- Pacific Gas & Electric filed for Chapter 11 bankruptcy. Family Reunion: Cushman & Wakefield Inc struck a deal to acquire Cushman Realty. The move brought 200 employees, 11 offices and John Cushman into the C&W fold. Man Who Fell to Earth: Earth Link co-founder Reed Slatkin was charged with bilking $35 million from investors in what the plaintiffs called a Ponzi scheme A fraudulent investment plan in which the investments of later investors are used to pay earlier investors, giving the appearance that the investments of the initial participants dramatically increase in value in a short amount of time. . His lawyer said Slatkin would file for bankruptcy. The fund took in an estimated $593 million from 800 individuals. Slatkin filed in May, and by the end of the year $255 million was still unaccounted for. May Theater Revival: Denver billionaire Philip Anschutz stepped up his investment in the ailing movie theater business when he bailed out Edwards Theatres Circuit Inc. by buying a large stake in the exhibitor By the end of the year he would control roughly 20 per cent of the nation's screens. Yippee yip·pee interj. Informal Used to express joy or elation. yippee interj an exclamation of joy, pleasure, or anticipation ! Former Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . co-chairman Terry Semel was tapped to run Yahoo as chief executive. He replaced Tim Koogle. Pushing the Envelope: The City of Santa Monica approved a $10.50 minimum wage for coastal businesses that gross more than $5 million. Rate Hike: The Public Utilities Commission shifted some of the increasing burden of energy price increases from commercial users to residential with some rates climbing by as much as 71 percent The PUC had approved a $5.7 billion rate increase for Edison and PG&E. Tuned Out: Hughes Electronics Corp. Chairman Michael Smith was ousted. Smith failed to embrace parent company General Motors' efforts to sell Hugh as to News Corp., arguing that GM ought to consider a bid from EchoStar Communications (the ultimate winner in the negotiations). June Hizzoner: Having come in second in April's mayoral primary, James Hahn made a late -- and to some surprising -- charge in the runoff election, beating Antonio Vilaraigosa to replace termedout Richard Riordan. Sturm und Drang Sturm und Drang (sht  rm nt dräng) or Storm and Stress, : After months of saber rattling and to ugh talk about the potential for a year-long strike, the Writers Guild of America The Writers Guild of America is a term often referring to the joint efforts of the Writers Guild of America, East and the Writers Guild of America, west. Jointly, the two guilds act as the collective bargaining representative, or labor union, for writers in the motion picture and struck a contract with he studios. Both sides claimed the deal was fair, though the union was thought to have conceded a lot. Pay to Play: NetZero and Juno, rivals in the free ISP market, agreed to merge. NetZero paid $70 million in stock for Juno and the resulting company, based in LA., is called United Online. The resulting firm is instituting more subscriber-based services in order to shore up revenues. Whistle While You Work: At Walt Disney Co., pink slips were handed out to the first 1,000 of an estimated 4,000 people that would lose their jobs. Disney had announced it would cut employment by 3 percent. Emergency Care: Tenet Healthcare Corp. agreed to buy ailing David Freeman Hospitals for $55 million. The cash-poor Freeman system would use the proceeds to pay debts. Staples II: Developers of the proposed downtown hotel and entertainment complex near Staples Center asked the city for a $75 million subsidy -- as expected. Officials of Philip Anschutz's L.A. Arena Co. said the billion-dollar development isn't economically feasible without public money. Ring-a-Ding: The Lakers repeated as NBA NBA abbr. 1. National Basketball Association 2. National Boxing Association NBA (US) n abbr (= National Basketball Association) → Basketball-Dachverband (= champs, beating the Philadelphia 76ers 4 games to 1. July End to the Drama: The Screen Actors Guild followed the Writers Guild lead and agreed on a contract with the studios. Daniels' Final Act: As an epilogue to the Screen Actors Guild non-strike, SAG President William Daniels announced he would not seek a second term as president. He endorsed Valerie Harper, star of the 1970s sitcom "Rhoda," for the job. Another '70s TV icon -- Melissa Gilbert of "Little House on the Prairie" fame -- also announced for the position and eventually won. Harper supporters weren't happy, complaining that there were irregularities in the election. Farmers Takes Hit: L.A. giant Farmers Insurance Exchange was ordered by a Superior Court jury to pay $90 million to claims adjusters who consistently worked overtime hours without receiving additional pay. There was fear that more white-collar workers would file lawsuits. To Haim!: Walt Disney Co. agreed to buy Fox Family Worldwide Inc. for $3 billion in cash and $2.3 billion in debt from News Corp. and Haim Saban's closely-held Saban Entertainment Inc. Disney, already a force in cable, was expected to become even more formidable with its acquisition. August Ventures Dry Up: Venture funding for Los Angeles-area companies plummeted to $198.6 million in the second quarter of 2001, an 82.5 percent decline from the like quarter the year before. Layoffs Mount: Two companies with a big L.A. presence announced massive job cuts. Executive recruitment firm Korn/Ferry International said it would slash 500 jobs, about 20 percent of its work force, while Boeing Co. announced plans to lay off an additional 600 workers at its Long Beach plant, home to the beleaguered be·lea·guer tr.v. be·lea·guered, be·lea·guer·ing, be·lea·guers 1. To harass; beset: We are beleaguered by problems. 2. To surround with troops; besiege. 717 jet program. September No Longer No. 1: Los Angeles sputtered to a close second in the list of top manufacturing areas in the U.S. Chicago was No. 1. Flight of companies and workers to outlying areas around L.A. County was blamed in part for the decline. L.A. had been ranked first for five years. Staples II Gets OK: LA. City Council signed off on developers' plans to build a $1 billion entertainment development near Staples Center. The Council did not address questions of public subsidies for the project. Terrorist Attacks: L.A. avoided a direct hit but the horror of Sept. 11 affected the community deeply. Businesses, particularly in the tourism and hospitality industry, saw an immediate effect on their bottom lines as people stayed home in droves waiting for the next shoe to drop. Businesses at Los Angeles International Air-port got the attention of elected officials who put together financial assistance packages to help them recoup a loss of business. October Top Secret Bailout: By a 5-0 vote, the PUC agreed to a settlement bailing out Southern California Edison Southern California Edison (or SCE Corp), the largest subsidiary of Edison International (NYSE: EIX), is the primary electricity supply company for much of Southern California. It provides 11 million people with electricity. . The deal allowed the utility to pay off $3.3 billion in debt and maintain rates at the current level. The deal was negotiated behind closed doors, and because it was part of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement, could not be overturned by the legislature or PUC. Safe, But Sorry: Super-tight security nearly crippled business at office towers and movie studios in L.A. Lawyers were hit especially hard as they wasted many non-billable hours waiting in long lines at the courthouse and office buildings which turned into fortresses after the Sept. 11 attacks. November Hooray: TrizecHahn's long-anticipated $615 million Hollywood & Highland project opened to great fanfare. Reason to Celebrate: Workers at Northrop Grumman Corp.'s EI Segundo plant cheer the announcement that the Lockheed Martin Corp. team won the contract for the $200 billion Joint Strike Fighter. Northrop is a key member of the team. Hizzoner II: After tantalizing tan·ta·lize tr.v. tan·ta·lized, tan·ta·liz·ing, tan·ta·liz·es To excite (another) by exposing something desirable while keeping it out of reach. the electorate for months with Hamlet-like "will-he or won't-he" consideration, Riordan finally made it official -- he wants Gov. Gray Davis' job. December Cool House: After delaying a decision for weeks, LACMA's board chose Rem Koolhaas' eye-popping design to be the museum's new home. Cost was said to be an issue -- topping $200 million, the plan to demolish the existing facility was said to be cheaper. Cheap Gas: Gasoline prices fell to the lowest level in more than two years, with some pump prices less than $1. Prices, which were nearly $2 in the early part of 2001, fell rapidly as demand lessened after the Sept. 11 attacks. Big Deals: Vivendi Universal and USA Networks Inc. agreed to merge their entertainment assets and biotech giant Amgen Inc. agreed to buy Immunex Corp. for $17 billion. Investors were jittery. |
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